Keyword
Insurance Bureau of Canada
Today’s cat losses ‘unimaginable’ even 10 years ago: mutual CEO
November 12, 2020 by Greg MeckbachThe increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire…
What historical insured catastrophe losses really mean
November 4, 2020 by Greg MeckbachIf you take a deep dive into the real cost to Canadians of insured major natural disasters, even though the methodology changed around 2008, it still shows a long-term trend of claims cost increases over nearly 40 years, industry experts…
B.C. auto could look a bit like these two provinces under a Liberal regime: IBC
October 9, 2020 by Greg MeckbachIf the Liberals return to power this fall in British Columbia after a three-year hiatus, and if they keep their election promises, the province’s auto insurance system may look similar to the auto insurance systems in both Quebec and Saskatchewan,…
‘Much clearer picture’ of how Ottawa will address flood risk coming soon
September 29, 2020 by Greg MeckbachA special pool, in which high-risk properties would have caps or subsidies on premiums for flood insurance, remains a possibility in Canada, and the industry should have a much better idea this fall of what the government plans to do,…
How the public currently views the insurance industry
August 24, 2020 by Adam MalikAfter a sharp drop, people are starting to feel a bit more positive towards the insurance industry. As the COVID-19 pandemic grew, the insurance industry’s image as a whole suffered. But, says a recent report, things are trending upwards once…
What the P&C industry must do to fight auto insurance fraud
July 31, 2020 by Adam MalikCollaboration within the Canadian P&C insurance industry is key to fighting fraud, but this is tricky because of data sharing and privacy concerns. Fraud concerns have become more pronounced during the novel coronavirus pandemic. P&C industry experts have warned that…
COVID-related fraud schemes that IBC has observed
June 2, 2020 by Greg MeckbachFour vehicles were reported stolen to separate insurers, from the same driveway, on the same night in Brampton, Ont. This is just one example of alleged fraud identified shortly after the onset of the COVID-19 pandemic, the Insurance Bureau of…
Where the federal government sits with its national flood insurance review
May 20, 2020 by Greg MeckbachSix years after the federal government promised to explore options for a national approach to home flood insurance, the feds are still thinking about it. About 13,000 were recently evacuated from Fort McMurray, Alta., because of flooding on the Athabasca…
Don’t count on Canada-wide, high-resolution flood modelling anytime soon
October 10, 2019 by Greg MeckbachFlood maps with a resolution of two metres would be ideal, but don’t expect anything like this Canada-wide anytime soon. The current standard for the spacing of a topographic grid for regional mapping and modelling is 30 metres, as the…
Big Moves – New customer service officer for SGI
August 8, 2019 by Greg MeckbachPaul Mlodzik has left The Co-operators Group Ltd. to oversee a new division at Saskatchewan Government Insurance (SGI). He is now executive vice president and chief customer officer of SGI’s newly-formed customer, communications and marketing division. It’s his second time…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
Regulatory guidance should recognize broker independence, insurers say
October 4, 2018 by Greg MeckbachWhen it comes to market conduct in the property and casualty industry, the regulations should recognize that brokers are independent, an Insurance Bureau of Canada spokesperson says. A guidance paper explaining regulators’ “overarching expectations” on market conduct for brokers, agents…